LuxExperience delivered a loss of $0.04 per share on revenue of $771.7 million for the fiscal fourth quarter ended June 2026, well ahead of the -$0.11 consensus and the -$0.14 Earnings Whisper number, a 71.4% earnings surprise. Revenue beat the $727.39 million consensus by 6.1% and grew 15.7% year over year, while earnings fell 100.8% against a prior-year period inflated by the bargain-purchase gain on the YNAP deal. The more important development is operational: Total Segments net sales rose 7.6% ex-FX to €653.6 million, Adjusted EBITDA reached €13.6 million for a 2.1% margin, and for the first time since the acquisition every segment grew and every segment improved profitability in the same quarter.
The turnaround segments are what changed. NET-A-PORTER and MR PORTER combined swung from -5.1% in Q3 to +5.6% ex-FX growth, with a first positive Adjusted EBITDA at a 2.7% margin, a 230-basis-point year-over-year improvement, helped by a 500-basis-point drop in the segment SG&A cost ratio to 19.5% and U.S. growth of 15.1% ex-FX. YOOX moved from -7.4% in Q3 to +6.6% growth, with Adjusted EBITDA margin improving 920 basis points to -10.5% and Europe ex-U.K. up 22.7%. Mytheresa remained the anchor, growing 10.2% ex-FX to cross €1 billion for the year, with gross margin up 150 basis points to 49.7%, U.S. net sales up 39.3% ex-FX, and a record last-twelve-month average order value of €875. Group Adjusted SG&A cost ratio fell sequentially all year, from 21.9% in Q1 to 17.6% in Q4, and acquisition-adjusted SG&A was down €55 million, or 9.9%, for FY26.
The call reinforced the trajectory rather than complicating it. Management issued its first FY27 guide of mid- to high-single-digit net sales growth with a 2% to 3% Adjusted EBITDA margin, described the €4 billion revenue and 7% to 9% margin medium-term targets as clearly on track, and pointed to 150 to 250 basis points of annual margin expansion after FY27. Fendi and Piaget were added to Mytheresa, Citibank joined the lending group with the revolver up €25 million to €125 million, the ERP migration went live at NAP & MRP, and management received authorization on September 3 for up to $50 million of ADR repurchases. Cash and investments finished at €442.7 million with the balance sheet bank debt-free, and operating cash burn of €108.4 million came in better than the €120 million expected.
The offsets are real and worth watching. YOOX gross margin declined in the quarter on a destocking and clearance push, and the segment stays Adjusted EBITDA negative in the mid-single digits through FY27 with breakeven pushed to FY28. Management also flagged another €150 million to €250 million of cash absorption over the next two years, warned that seasonality makes Q4 unrepresentative with Q1 FY27 margin slightly negative, and noted a disappointing China summer and choppy Middle East demand. Underneath the growth, active customers fell 6.0% at Mytheresa, 11.1% at NAP & MRP and 10.6% at YOOX, so the top line is being carried by order value and top-customer spending rather than customer acquisition, and Mytheresa's top-customer spend growth cooled to +4.8% from +12.5% in Q2. NPS at NAP & MRP was flat on warehouse shipping backlogs.
The market had already been leaning into the recovery. Shares are up 20.9% from the $7.29 open after the prior report and sit 34.7% above the $6.54 low set that same day, which was also the 52-week low recorded during this inter-earnings quarter. Price is 6.5% above the $8.27 200-day moving average, but 7.9% below the $9.57 quarter high printed on report day, so the initial reaction extended and then faded. Investor sentiment improved only marginally, from -0.23 to -0.21, and remains net negative, which is the clearest conflict in the setup: the operating inflection is broad, yet positioning has not confirmed it. The overall Earnings Whispers trend snapshot tilts to more positive trends than negative, with the life-cycle and AVWAP trends positive, and the stock sits in the Positive Earnings phase.
The bottom line is that LuxExperience beat both consensus and the whisper on a quarter that changed the story rather than just the numbers, with all three segments growing, NET-A-PORTER and MR PORTER profitable for the first time since the acquisition, a 430-basis-point SG&A cost ratio improvement across FY26, and a first FY27 guide calling for accelerating growth and 2% to 3% margins. The offsets are declining active customers, YOOX losses persisting into FY28, further cash absorption, and soft China demand. With sentiment still negative, price above the 200-day average but below the report-day high, and the shares already up more than 20% since the last print, the burden now shifts to Q1 FY27 execution against a seasonally weaker margin quarter.